How to buy IOTA?

Read this a step-by-step guide on how to buy IOTA.

STEP #1

Open an account at Hong Kong based exchange Binance. Besides IOTA, the exchange accpets many other cryptocurrencies. Registration process is very simple, just put username and a password. No other details required! Binance supports users from all the countries, including US residents.

how to buy iota

STEP #2

Deposit in one of the supported cryptocurrencies must be made. There are tons of available methods such as Bitcoin, Litecoin, Ethereum, Tether, etc. If you do not have any bitcoins (or other altcoins), check where BTC can be purchased at Cryptocoinsmania.com. Keep in mind that IOTA is available with BTC, ETH and BNB (Binance Coin) pairs. There are no other active pairs for now.

binance deposit

STEP #3

After deposit reached an account, it is time to get some IOTA at last! You can select from two different options - Advanced or Basic. We selected Basic for this guide, but you can choose an Advanced option for more features.

binance trading platform

STEP #4

Select IOTA/BTC pair (or other pairs of course). If you cannot find the IOTA, just type it in a search field (blue arrow). Details like 24h change, volume, high and low prices are provided as well.

trade iota

STEP #5

And the last part - fill the amount of IOTA coins you want to purchase. In case you're selling IOTA, the field SELL is on the right side. Just click a button and you are done!

get iota

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How to setup IOTA wallet?

It is very important to choose the secure and reliable IOTA wallet to be sure that funds are kept safely. Below you will find an easy to understand guide how to setup official and secure IOTA wallet. However, for fast trading you can leave coins in Binance (so you can miss this part).

STEP #1

Download a latest IOTA wallet version from an official GitHub page. Make sure you've selected the right OS version - Windows, MacOS, Linux.

STEP #2

Install it to your computer as usual. And start a program. You will be asked to select one of two node types - Light node or Full node. We've selected a light node as I don't want to have all tangle downloaded. And lastly - select a location of the node. So wallet is set up almost, but we've to get a seed.

iota wallet install

iota wallet node

STEP #3

IOTA has its own special way of generating an address and a seed. There are two options available - generating it on your computer (Recommended) or generating it online (it may be not so secure). A simpler way (generating a seed online): open the iotaseed.io (double check the page as sometimes appears fake websites), which is an open source project and it can be checked at GitHub. Move your mouse until you get a notification that 100% randomness was generated. Copy a seed and save it to the safe place (red arrow). You must keep it private. Also get yourself a pencil and a sheet of paper to write down mnemonic words which can be used for restoring your seed (blue arrow). It works as a backup phrase or 24 words seed used in Bitcoin. Copy receiving address (green arrow) or print the whole wallet in a paper format. Bonus: Knarz.github.io/seedgen is trusted as well, but it doesn't have additional features.

iota seed

STEP #3-1

More secure, but more complex at the same time is method when you generate a seed on your computer or write it in a random order yourself. Remember that it should be made up of 81 random characters where letters from A to Z and number 9 are used. For Linux run this command:

cat /dev/urandom |tr -dc A-Z9|head -c${1:-81}

or this one for a Mac:

cat /dev/urandom |LC_ALL=C tr -dc 'A-Z9' | fold -w 81 | head -n 1

Windows users can use 3rd party password generators with the following settings:

  • 81 characters
  • Uper case, A-Z
  • Include the only number - 9

Keep in mind that if this seed is lost, IOTA wallet is going to be lost as well. So store it in the safe place.

STEP #4

Input the seed to the IOTA Wallet. You will need to put it down every time you want to access your wallet. Don't lose it (you can use IOTA mnemonic words for a seed restoration). Use a receiving address for getting assets to your wallet.

iota wallet software

STEP #5

Use the wallet for sending and receiving IOTA. That's all!

iota wallet usage

Useful IOTA resources

If you still have more questions or you would like to get more knowledge check these IOTA resources.